StockMarketWire.com - Medical diagnostics firm Omega (ODX) said its full year pre-tax profit dropped from £1.37 million to £1.35 million.

Omega is one of the UK's leading companies in the fast growing area of food intolerance, operating in markets supplying tests for allergies and autoimmune diseases as well as specific infectious diseases.

The company is able to do this through a strong distribution network in over 100 countries, a direct presence in Germany and India, and with a growing network of global partnerships.

FINANCIAL HIGHLIGHTS:

- Turnover up 5% to £12.7m (2015: £12.1m)

- Food intolerance revenue up 19% to £7.06m (2015: £5.95m)

- Allergy and autoimmune revenue down 13% to £3.16m (2015: £3.61m)

- Infectious disease/other revenue down 1% to £2.52m (2015: £2.55m)

- Gross profit up 6% to £8.1m (2015: £7.7m)

- Adjusted profit before tax of £1.35m (2015: £1.37m)

- Adjusted EPS 1.2p (2015: 1.3p)

- Cash at the period end of £1.3m (2015: £1.97m)

OPERATIONAL HIGHLIGHTS:

- Appointment of Colin King as chief operating officer on 3 August 2015

- Completion of the fit-out of the laboratory and manufacturing facility in Pune, India with prototype devices made for a range of malaria rapid tests

- Automated Allergy programme ready for commercial launch, with 41 allergens optimised and successfully evaluated at sites across Europe

- Food Intolerance segment delivering the fastest growth in revenue at the highest gross margin

- The company demonstrated in-house that Visitect CD4 functions up to 35°C

Chairman David Evans said: "We have demonstrated that our Allersys reagent range has the potential to create a significant market presence, offering a choice for the first time to laboratory purchasing managers, who have been without a choice for a long time in a segment of the market.

"We have also demonstrated that Visitect CD4 now functions up to 35°C, meeting a key design goal parameter.

"We are now undertaking testing with patient samples to be confident that we have a robust design and we remain positive on bringing a revolutionary product to the market that will have a major impact on improving healthcare outcomes for millions of people.

"We have a solid and profitable core business.

"We have also identified a number of organic growth opportunities for all our business segments which we believe could significantly enhance shareholder value.

"We are evaluating all these opportunities, including those which could be delivered from existing resources, to ensure we are on the right side of under-promising and over-delivering."




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